Economics Quiz

What is the study of how people seek to satisfy their needs and wants by making choices called?

• Scarcity

• Economics

• Goods

• Services

Which term refers to actions or activities that one person performs for another?

• Goods

• Services

• Wants

• Incentives

What is the term for the most desirable alternative given up as the result of a decision?

• Utility

• Opportunity cost

• Marginal

• Disincentives

What is the name given to a hypothetical unit measuring satisfaction?

• Util

• Utilitarian

• Utility

• Utilize

What is the term for a system in which economic decisions and pricing are guided by the interactions of citizens and businesses?

• Command Economy

• Market Economy

• Mixed Economy

• Communism

Which of the following is a policy of minimum governmental interference in the economic affairs of individuals and society?

• Communism

• Laissez Faire

• Public goods

• Private Property

Who is considered as the first modern economist and is influential to understanding market economies?

• Karl Marx

• John Maynard Keynes

• Adam Smith

• Milton Friedman

What is a Traditional Economy?

• A system where economic decisions are made based on advanced technology and innovation.

• A system in which the development and distribution of goods and services are determined by customs, traditions, and time-honored beliefs.

• A system where the government controls all economic activities and makes all decisions.

• A system that relies solely on the digital market and e-commerce.

What is a 'Mixed Economy'?

• An economic system where all property is owned by the government

• A market system of resource allocation, commerce, and trade in which free markets coexist with government intervention

• An economic system that relies solely on market forces without any government intervention

• An economic system where the production of goods is based on customs and traditions

Food, air, and water are examples of